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Hunter Biden’s LAPTOP Crypto Coin Plummets Upon Launching
Confirmed
In Short: Hunter Biden’s newly launched LAPTOP memecoin experienced a dramatic rise and fall, peaking briefly but then plummeting 95% in its first hour.
Hunter Biden’s newly launched LAPTOP memecoin experienced a dramatic rise and fall, peaking briefly but then plummeting 95% in its first hour. According to reports, the coin’s fully diluted valuation (FDV) reached an astounding $144 billion shortly after its launch, despite the liquidity pool containing only around $48,000.
Blockchain analytics firm Arkham Intelligence reported that LAPTOP launched at approximately 8:02 p.m. and reached its peak price only two minutes later, at around 8:04 p.m. Prominent trader DonAlt called it an 'utter embarrassment,' suggesting that Biden had 'finally been handed a platform' and used it to launch a memecoin.
The crypto exchange Kraken initially promoted the token but later deleted the post, with traders questioning why a major exchange was advertising a political memecoin. Channel 5, featured in the token’s distribution strategy, does not consider crypto a legitimate investment, according to a spokesperson.
Hunter Biden’s LAPTOP meme coin was inspired by the political controversy surrounding his personal laptop, which was left at a computer repair shop in 2019. The coin’s distribution strategy included issuing 1 billion tokens, with allocations for crypto wallet owners who lost money on President Trump’s meme coin, Substack subscribers, and individuals on a mailing list curated by Andrew Callaghan.
Despite the initial hype, the coin’s value dropped sharply, mirroring the typical trajectory of meme coins, which often spike due to social media hype before crashing. The rapid decline follows a pattern seen with other political figures' meme coins, including those launched by President Trump and First Lady Melania Trump, which also saw significant drops in value post-launch.
What's confirmed
- Hunter Biden’s newly launched LAPTOP memecoin experienced a dramatic rise and fall, peaking briefly but then plummeting 95% in its first hour. According to reports, the coin’s fully diluted valuation (FDV) reached an astounding $144 billion shortly after its launch, despite the liquidity pool containing only around $48,000.
- Blockchain analytics firm Arkham Intelligence reported that LAPTOP launched at approximately 8:02 p.m. and reached its peak price only two minutes later, at around 8:04 p.m. Prominent trader DonAlt called it an 'utter embarrassment,' suggesting that Biden had 'finally been handed a platform' and used it to launch a memecoin.
- The crypto exchange Kraken initially promoted the token but later deleted the post, with traders questioning why a major exchange was advertising a political memecoin. Channel 5, featured in the token’s distribution strategy, does not consider crypto a legitimate investment, according to a spokesperson.
- Hunter Biden’s LAPTOP meme coin was inspired by the political controversy surrounding his personal laptop, which was left at a computer repair shop in 2019. The coin’s distribution strategy included issuing 1 billion tokens, with allocations for crypto wallet owners who lost money on President Trump’s meme coin, Substack subscribers, and individuals on a mailing list curated by Andrew Callaghan.
- Despite the initial hype, the coin’s value dropped sharply, mirroring the typical trajectory of meme coins, which often spike due to social media hype before crashing. The rapid decline follows a pattern seen with other political figures' meme coins, including those launched by President Trump and First Lady Melania Trump, which also saw significant drops in value post-launch.
What's still developing
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- The Wall Street Journal first reported the plan, and Biden confirmed it on X on Monday with the ticker and a montage of news anchors discussing the laptop he left at a Delaware repair shop in 2019.
- Years later, Biden is trying to financialize that notoriety by turning the joke into a token.
- Kraken has not said that it dropped plans to list $LAPTOP, and the token’s website says exchange listings will be announced when trading begins.
- Elsehwere, Callaghan said neither he nor his Channel 5 program had anything to do with the coin, despite a Channel 5 mailing list being included among groups eligible for $LAPTOP ’s planned airdrop.
- The token deploys on Base, the network Coinbase built, with a supply of one billion.
- Blockchain tracker Lookonchain found the losing trader withdrew $250,000 from Binance before the launch, then spent $200,000 on 919 LAPTOP at an average of $218 a token.
- He withdrew $250K from #Binance in advance to buy $LAPTOP as soon as it launched.